The majority sale of the Minnesota Timberwolves to former baseball superstar Alex Rodriguez and businessman Marc Lore took a hit recently as the duo lost financial backing from the Carlyle Group, according to current Timberwolves owner Glen Taylor.
Rodriguez and Lore have purchased 40% of the franchise which was paid in two 20% installments. Their next purchase is for another 40% stake in the Timberwolves, valued at $600 million. The payment is due on March 27.
“They had an equity group that was going to come in and put in $300 million, and that equity group has either withdrawn or the NBA has denied them,” Taylor told David Shama. “They have to go out and find new revenue. That I do know. I don't know if they found it or what they're going to do. We haven't seen the schedule of ownership yet.”
Reports said that Rodriguez and Lore were in talks with other financial groups in case Carlyle's proposal was not approved by the NBA, per ESPN. The NBA said in a statement to Sportico that it “did not deny Carlyle's proposed investment.”
While it initially seemed like Rodriguez and Lore would be in a bit of trouble given that they didn't have much time to figure things out, they quickly managed to find a new financial partner for the Timberwolves purchase. That would be thanks to Dyal Capital Partners, as they quickly came through to help the duo finanace this deal, meaning that now all the NBA has to do is approve the deal in order for it to become official.
Dyal Capital Partners has joined as a pre-approved investor in the Lore-Rodriguez group, giving them the final financial backing necessary to complete the transaction, sources said. Lore and Rodriguez are ready to close the sale as soon as NBA approves. https://t.co/ho1PdsqDfb
— Shams Charania (@ShamsCharania) March 20, 2024
Rodriguez and Lore's purchase of the Timberwolves was initially approved by the NBA on July 21, 2021. The duo would also become majority owners of the WNBA's Minnesota Lynx if the sale goes through. NBA owners still have to approve the sale now that Rodriguez and Lore have come up with the necessary funding for it.
Amid the change in ownership, the Timberwolves are having their best season in 20 years. Minnesota enters Wednesday with a 47-22 record and is within one game of the top seed in the Western Conference.
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